Bitcoin Fundamental Expert Claims Adoption Metrics “Look Awful”

Keshav Verma

1 year ago

3 mins read

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Bitcoin adoption metrics across the board “look awful”, claims a BTC fundamental expert on Twitter.

BTC Adoption Metrics Seem To Be Down

A BTC fundamental expert on Twitter claims that Bitcoin adoption metrics “look awful”, citing a few charts highlighting the important trends.

There are three relevant graphs here that the expert has pointed out, each related to the BTC address growth.

The first metric is the Daily Active Addresses, which as the name suggests shows the number of addresses active each day.

Here is how the Bitcoin Daily Active Addresses chart looks like:

BTC active addresses have plummeted recently

As is clear in the graph, the Bitcoin daily active addresses have only gone down in the last few months. In fact, the metric seems to have almost halved when compared to the peak during the early part of the year.

The next indicator of relevance is the number of addresses with more than 1k BTC metric, which shows how many addresses have more than a thousand coins stored.

Based on the value of the metric, it becomes possible to know how many whales are still holding on to their Bitcoin.

When the value falls, it means whales have started to dump. On the other hand, when it rises, it means old whales have bought into BTC again, and/or new investors have joined in.

Here is how the chart of number of Bitcoin addresses with or more than 1k BTC in balance looks like:

The BTC addresses with or more than 1k coins haven't recovered since the bull run

The above graph shows that the Bitcoin whale addresses fell down when BTC peaked during the 2021 bull run, and since then the metric has shown no signs of recovery.

This means that the whales that dumped during the run haven’t bought back into BTC yet.

The last metric is the BTC New Address Growth, which shows how many new addresses are made each day. Here is how its chart looks like:

BTC new addresses have been gradually going down since the start of the year

It looks like the new addresses metric has gone down to the same level as it was right after the 2018 crash.

However, while each of these indicators might not look so good, it should be noted that they can change for the better very quickly.

Bitcoin Price

At the time of writing, BTC is trading around $32.8k, down 5% in the last 7 days. Here is a chart showing the trend in the crypto’s price:

Bitcoin seems to be on a downward trend | Source: BTCUSD on TradingView

Featured image from Pexels.com, charts from glassnode, TradingView.com

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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